On Friday, President Bola Ahmed Tinubu reaffirmed his administration's unwavering commitment to using Nigeria's gas reserves to grow the country's young economy.
The President said this during a meeting with the board and management of Nigeria Liquefied Natural Gas (NLNG) Limited at the State House in Abuja. He added that there are plans to use domestic use, processing, and international export of Nigeria's abundant gas resources as a transition fuel to spark a fundamental restructuring of the country's economy for rapid growth during his administration.
Additionally, President Tinubu reaffirmed that all obstacles to Nigeria's hardworking citizens' advancement as entrepreneurs, as well as any additional barriers to business practice in the Oil & Gas sector, specifically, will be swiftly removed to expand opportunities for Nigerian business and foreign partners to prosper from the natural resources and human resources the country has been given.
The President informed the NLNG delegation, which was led by NLNG Board Chairman Edmund Daukuru, that Philip Mshelbila, the Managing Director of NLNG, and the Nembe Kingdom's natural king are both there.
With a commitment to forming a partnership with investors that will ensure job opportunities and skill development for Nigerian youths in the overriding best interest of the oil and gas producing environments, President Tinubu reaffirmed the position of natural gas as Nigeria's gateway to sustainable development and prosperity.
The President stated that "it is all about growing the pie so that Nigerians will benefit," and that "skill development will help the many restive youths who need to be carried along and employed." They require greater stability and prosperity in their life.
President Tinubu acknowledged the challenges the NLNG faced, particularly in the area of security, and he stated that all parties, including the host communities and security agencies, will play more significant roles in resolving contentious issues for more peaceful and successful operations that can be sustained.
In his remarks, the Chairman of the Board informed the President that the Government was aware of the frustrations felt by non-governmental stakeholders in operations and that communities should be given more responsibility for resolving the situation. He also stressed the importance of an inclusive end-to-end process and the need to address trust issues between investors and host assemblies.
The NLNG Chief Executive noted that the company contributed more than $1 billion ($1 billion) to the creation of new tax revenue in 2022, but stressed that this was accomplished despite NLNG operating significantly below capacity because of regional insecurity as well as changing industry tax modifications brought about by successive Finance Act amendments. They heartily applauded the President's recent decision to suspend the impediment-inducing provisions in recent weeks.